FMBN Seals Housing Development Deal With Chinese Bank

The Federal Mortgage Bank of Nigeria has entered into partnership with the Industrial/Commercial Bank of China to bring in funds in form of Foreign Direct Investment to assist it in addressing the nation’s housing deficit.

Recently, the Federal Government had said it had commenced discussion with China Export and Credit Insurance Corporation, SINOSURE, and International Commercial Bank of China, ICBC, to source for loan of N936 billion, to fund housing development in Nigeria.

Sources have said the loan when in full operation would have a tenure of 15 to 20 years, with a single digit.

But now, the two partners have endorsed a Memorandum of Understanding, which, however, is still awaiting necessary guarantees from Federal Government.

SOURCE

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